Finance

Energy markets saw a slight deceleration in crude prices after the administration signaled it would avoid striking Iran ahead of the upcoming midterm elections. However, Brent crude remains stubbornly above the century mark due to persistent confrontations targeting shipping vessels near the Strait of Hormuz.

Long-dated U.S. Treasury yields retreated slightly from their highest points in over two decades but remain markedly elevated. The market is aggressively recalibrating expectations for the Federal Reserve's upcoming monetary decisions, weighing whether policymakers will pause or execute further rate hikes.

A new gauge from the University of Michigan revealed that domestic consumers are elevating their near-term inflation projections to 4.7%. This escalation in living costs is disproportionately depressing sentiment among lower-income households who have limited exposure to the record-setting equities market.